The present invention relates to an apparatus and methods for transferring money or monetary value. More specifically, the present invention relates to a system for managing data to effect send, receive and payment transactions for money transfers.
It is increasingly common for funds to be transferred electronically. This can occur from individual to individual or from business to business or between an individual and a business. The transfers may occur within one country or across borders, from one country into another, and thus may involve a currency change.
In some cases one or both of the individuals or businesses involved may lack an account at a bank or a credit card. Thus, the funds for the transfer often must be provided in cash (or equivalent) and the payout to the recipient may also preferably be in cash (or equivalent).
Large bank and non-bank financial institutions are involved in money transfers. To extend their geographical coverage, the institutions engage agents and may equip them with specialized terminals or other facilities. The personnel of such agents may not be well educated or highly trained and may do several other tasks (such as service as retail sales clerks). This requires a system that is easy to use, deters mistakes and fraud and minimizes agent personnel time.
Although the convenience and need for non-bank money transfers is well recognized and most transactions are entirely legitimate, governments have become concerned about transfers of these kinds being used to fund terrorism or to assist in various criminal enterprises. Governments are also concerned about consumer protection. Increasingly, governments regulate such money transfers. These laws and regulations include both state and federal levels, which may differ. The applicable laws and regulations may involve more than one nation's legal system. Thus, entities involved in money transfers must introduce complex procedural disciplines and keep records to conform to the laws and regulations.
To be economically efficient, companies involved in money transfers must follow the market for fees and, if they perform transfers involving a change in currency, they must use highly current rates of exchange. For money transfer transactions the timing for bringing together current, necessary fee and exchange rate information relative to when payment is made by the sender may be important.
To make money transfers efficient and to handle the large volume, electronic systems are used and personnel time is minimized. Thus, there is a need for improved money transfer systems and methods that assist the parties involving in conforming to government regulations, that provide procedures to minimize the amount of personnel time per transaction and that are otherwise economically efficient.